MiNK Therapeutics (NASDAQ: INKT) details 2025 loss and cash runway into 2026

Rhea-AI Filing Summary

MiNK Therapeutics reported a net loss of $2.6 million, or $0.56 per share, for Q4 2025, versus $2.5 million, or $0.62 per share, in Q4 2024. For full-year 2025, net loss was $12.5 million, or $2.93 per share, compared with $10.8 million, or $2.86 per share, in 2024.

The company ended 2025 with $13.4 million in cash and subsequently raised an additional $3.0 million via an at-the-market program, supporting operations through 2026. MiNK highlighted non-dilutive funding, advancing Phase 2 programs in ARDS and GVHD, and multiple 2026 clinical and scientific catalysts.

Insights

Biotech earnings and pipeline analyst

MiNK posts modestly higher 2025 loss while advancing de-risked, externally funded programs.

MiNK reported a 2025 net loss of $12.5 million versus $10.8 million in 2024, reflecting continued R&D investment. Q4 2025 loss was $2.6 million. Cash of $13.4 million plus $3.0 million raised under an at-the-market sales agreement supports operations through 2026.

Strategically, several programs are backed by non-dilutive funding, including an NIH STTR grant, the Mary Gooze award for GVHD, and up to $1.1 million from the C-Further collaboration. This helps limit equity dilution while MiNK advances Phase 2 ARDS and early GVHD studies toward planned 2H 2026 readouts.

Clinically, agenT-797 showed median overall survival exceeding 23% months in heavily pretreated, checkpoint-refractory cancers, alongside emerging IPF and ARDS opportunities. Actual value creation will depend on forthcoming Phase 2 data in hypoxemic pneumonia/ARDS and early GVHD clinical results described for 2026.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q4 2025 net loss: $2.6 million, $0.56 per share Full-year 2025 net loss: $12.5 million, $2.93 per share Year-end cash balance: $13.4 million +5 more

8 metrics

Q4 2025 net loss $2.6 million, $0.56 per share Quarter ended December 31, 2025 vs $2.5M, $0.62 in Q4 2024

Full-year 2025 net loss $12.5 million, $2.93 per share Year ended December 31, 2025 vs $10.8M, $2.86 in 2024

Year-end cash balance $13.4 million Cash balance at December 31, 2025

ATM proceeds after year-end $3.0 million Raised under at-the-market sales agreement after 2025 year-end

Non-dilutive collaboration funding Up to $1.1 million C-Further Consortium funding for PRAME-TCR iNKT program

ARDS/hypoxemic pneumonia incidence ~200,000–300,000 patients Estimated annual patients in U.S. and major European markets

ARDS mortality rate 30–40% Mortality in severe ARDS with no disease-modifying therapies

Median OS in R/R cancers Exceeds 23 months AgenT-797 plus commercial PD-1 therapy in checkpoint-refractory solid tumors

Key Terms

at the market sales agreement, non-dilutive funding, graft-versus-host disease (GVHD), Phase 2 trial, +2 more

6 terms

at the market sales agreement financial

"During 2025 we executed and implemented an at the market sales agreement"

An at the market sales agreement lets a company authorize a broker to sell newly issued shares directly into the open market at prevailing prices, rather than selling a large block all at once. Investors should care because it provides a flexible way for a company to raise cash but can increase the number of shares available and put downward pressure on the stock price, similar to a store quietly adding more items for sale at current shelf prices.

non-dilutive funding financial

"collaboration adds to growing non-dilutive funding for PRAME-TCR iNKT"

Non-dilutive funding is money a company raises that does not require issuing new shares or reducing existing owners’ percentage ownership, such as grants, certain loans, contract revenue, or licensing deals. It matters to investors because it lets a company finance growth or research without shrinking shareholder stakes or changing control, much like topping up a car’s gas tank instead of selling part of the car to pay for the trip.

graft-versus-host disease (GVHD) medical

"fully fund graft-versus-host disease (GVHD) preclinical data"

An immune complication that can occur after someone receives donor bone marrow or blood stem cells, where the transplanted immune cells attack the recipient’s tissues and organs. It matters to investors because its frequency, severity, and available treatments drive demand for therapies, affect clinical trial outcomes and regulatory approvals, and influence hospital costs and long‑term patient survival—factors that can change revenue prospects and valuations for biotech and healthcare companies.

Phase 2 trial medical

"ARDS / hypoxemic pneumonia Phase 2 trial initiation 1H 2026"

A phase 2 trial is an intermediate-stage clinical study that tests whether a new treatment works and is reasonably safe in a group of patients who have the condition it targets. Think of it as a field test of a prototype product: it checks real-world effectiveness and side effects on a modest number of users to decide whether the treatment should move to larger, definitive testing. Investors watch phase 2 results because positive outcomes can sharply increase the likelihood of regulatory approval and future sales, while failures often halt development.

checkpoint-refractory solid tumors medical

"durable clinical benefit in heavily pretreated, checkpoint-refractory solid tumors"

median OS financial

"Median OS in R/R cancers exceeded 23 months in combo"

Median overall survival (median OS) is the midpoint time after a treatment or diagnosis when half of the patients in a study are still alive and half have died. It gives a single, easy-to-compare measure of how long a therapy tends to extend life, and investors use it to judge a drug’s clinical benefit, potential regulatory approval, and commercial value—similar to comparing how long different batteries typically last before half of them fail.

Earnings Snapshot

Q4 2025 net loss: $2.6 million, $0.56 per share

Q4 and full-year 2025

Q4 2025 net loss $2.6 million, $0.56 per share $2.6M vs $2.5M, $0.56 vs $0.62 in Q4 2024

Full-year 2025 net loss $12.5 million, $2.93 per share $12.5M vs $10.8M, $2.93 vs $2.86 in 2024

Year-end 2025 cash $13.4 million Additional $3.0 million raised post year-end via ATM program

Understanding 8-K Material Events →

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 31, 2026

MiNK Therapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-40908	82-2142067
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
149 Fifth Avenue Suite 500
New York, New York				10010
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 212 994-8250

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.00001 per share		INKT		The Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 31, 2026, MiNK Therapeutics, Inc. (the "Company") announced its financial results for the quarter and year ended December 31, 2025. In connection with the announcement, the Company issued a press release, which is being furnished as Exhibit 99.1 to this current report on Form 8-K.

The information set forth under Item 2.02 and in Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibit

The following exhibit is furnished herewith:

99.1 Press Release dated March 31, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	March 31, 2026	By:	/s/ Jennifer S. Buell
			Jennifer S. Buell, Ph.D., Chief Executive Officer

MiNK Therapeutics Reports Q4 and Full Year 2025 Results; Phase 2 Programs Advance with Impactful Non-Dilutive Momentum

•ARDS / hypoxemic pneumonia Phase 2 trial initiation 1H 2026; early data by year end; market opportunity of ~200,000–300,000 patients annually in US/EU

•C-Further Consortium collaboration adds to growing non-dilutive funding for PRAME-TCR iNKT in pediatric oncology

•NIH STTR grant and Mary Gooze philanthropic award fully fund graft-versus-host disease (GVHD) preclinical data with clinical trial launch in 1H 2026

•Keystone Symposia data report iNKT depletion in end-stage Pulmonary Fibrosis (IPF); underscores pipeline expansion

•Portfolio focused on high-value immune restoration with multiple 2026 clinical catalysts

NEW YORK, NY — March 31, 2026 (Globe Newswire) — MiNK Therapeutics, Inc. (NASDAQ: INKT), a clinical-stage biopharmaceutical company pioneering allogeneic invariant natural killer T (allo-iNKT) cell therapies to restore immune balance and treat immune-mediated diseases and cancer, today reported financial results for the fourth quarter and full year ended December 31, 2025.

“2025 was a foundational year in which we sharpened our focus on immune restoration in auto-immune and inflammatory diseases and began to see the power of strategic, non-dilutive partnerships accelerate our progress,” said Jennifer Buell, PhD, President and Chief Executive Officer of MiNK Therapeutics. “We are deliberately building a pipeline where iNKT cells address serious auto-immune and inflammatory conditions — from acute critical care in ARDS to chronic fibrotic disease in IPF and immune dysregulation in GVHD. The C-Further collaboration, together with the NIH NIAID STTR grant and Mary Gooze philanthropic award secured in 2025 for our GVHD program, reflects growing recognition of our platform’s potential. We enter 2026 with strong momentum and multiple near-term opportunities to demonstrate clinical value.”

Terese Hammond, MD, Head of Pulmonary and Inflammatory Diseases at MiNK, added: “There is a clear continuum from acute inflammation and autoimmune dysregulation to chronic fibrotic diseases like IPF and even immune-resistant cancers. MiNK’s iNKT platform is uniquely suited to address this spectrum because of its ability to deliver context-dependent immune modulation — activating anti-tumor responses in cancer while restoring balance and suppressing harmful inflammation in acute and chronic lung disease.”

2025 Achievements and 2026 Milestones

Pulmonary & Critical Care: Large Market Opportunity with Near-Term Catalysts

agenT-797 advances in randomized Phase 2 in hypoxemic pneumonia/ARDS, a severe inflammatory condition affecting ~200,000–300,000 patients annually in the U.S. and major European markets. With mortality rates of 30–40% and no approved disease-modifying

therapies, ARDS represents a substantial commercial opportunity with strong government and biodefense alignment.

•Phase 2 clinical readouts planned for 2H 2026

•Expanded development into end stage pulmonary fibrosis (IPF)

•Data presented at Keystone Symposia demonstrated significant iNKT cell depletion in end-stage IPF

•Strategic discussions to advance agent-797 in IPF are actively underway

Oncology: Durable Responses in Checkpoint-Resistant Tumors

Data presented at SITC 2025 reinforced agenT-797’s ability to deliver durable clinical benefit in heavily pretreated, checkpoint-refractory solid tumors.

•Median OS in R/R cancers exceeded 23 months in combo with commercial PD-1 therapy

•Complete remissions lasting beyond two years, long-term survival across multiple tumors

•Translational analyses showed iNKT cells actively reprogramming the tumor microenvironment through dendritic cell activation, macrophage repolarization, and reinvigoration of exhausted T cells

Transplantation: Externally Funded GVHD Program Advancing

NIH STTR grant from the National Institute of Allergy and Infectious Diseases (NIAID) supports development and evaluation of agenT-797 in preclinical models while The Mary Gooze Clinical Trial Award to the University of Wisconsin–Madison directly funds enrollment, immune monitoring, and operations for the Phase 1.

•Trial is advancing through university approval with first dosing expected May 2026

•Preliminary clinical data expected 2H 2026

•Program represents clinically meaningful opportunity with minimal capital burden.

Expanding Pipeline: Targeting Resistance and Expanding Reach

•PRAME-TCR-engineered iNKT advancing under the C-Further Consortium collaboration

oCollaboration provides up to $1.1 million in non-dilutive funding plus meaningful double-digit percentage revenue share.

Leadership and Operational Readiness

•Dr. Terese Hammond appointed Head of Pulmonary and Inflammatory Diseases

•Col. (Ret.) John Holcomb, MD added to the Board of Directors and Scientific Advisory Board

•Melissa Orilall appointed Principal Financial Officer

•Manufacturing is optimized in Lexington and Boston sites

With the scale and complexity of the work we are now undertaking, including randomized clinical execution, multi-program advancement, and increasing external engagement, we have also strengthened our financial leadership with the recent appointment of Melissa Orillal as Principal Financial Officer. Melissa brings deep experience in financial operations, planning, and disciplined execution, including her work at the Whitehead Institute and in corporate banking. Her focus is on ensuring that our capital allocation, reporting, and operational execution remain tightly aligned as we advance through this next phase. This is an important step as we transition from an early-stage development company into a more execution-driven clinical-stage biopharmaceutical company.

These 2025 achievements — robust scientific validation, non-dilutive capital inflows, and operational strengthening, position MiNK for a catalyst-rich 2026, including ARDS Phase 2

initiation, GVHD clinical data, multiple scientific presentations, and continued partnership momentum.

Financial Highlights

During 2025 we executed and implemented an at the market sales agreement and ended the year with a cash balance of $13.4 million. Since year end, we have raised an additional $3.0 million through this program, providing a runway through 2026. Our net loss for the quarter ended December 31, 2025, was $2.6 million, or $0.56 per share, compared to $2.5 million, or $0.62 per share for Q4 2024. For the year ended December 31, 2025, our net loss was $12.5 million, or $2.93 per share, compared to $10.8 million, or $2.86 per share, for the year ended December 31, 2024.

Conference Call and Webcast Information

United States - New York (646) 307-1963
USA & Canada - Toll-Free (800) 715-9871
Conference ID - 6761941

Webcast & Replay Information

A live webcast and replay of the conference call will be accessible from the Events & Presentations page of the Company’s website following the event.

Live event link: https://edge.media-server.com/mmc/p/6xxeh8o5

Webcast Replay: https://investor.minktherapeutics.com/events-and-presentations

About MiNK Therapeutics

MiNK Therapeutics is a clinical-stage biopharmaceutical company pioneering the development of allogeneic invariant natural killer T (iNKT) cell therapies and precision immune modulators designed to restore immune balance and drive durable cytotoxic responses. MiNK’s proprietary iNKT platform bridges innate and adaptive immunity to address cancer, autoimmune disease, and immune collapse.

Its lead candidate, agenT-797, is an off-the-shelf, cryopreserved iNKT cell therapy currently in clinical trials for solid tumors, graft-versus-host disease (GvHD), and critical pulmonary immune failure. MiNK’s pipeline also includes TCR-based and neoantigen-targeted iNKT programs that enable tissue-specific immune activation. With a scalable manufacturing process and broad therapeutic potential, MiNK is advancing a new class of immune reconstitution therapies designed to deliver durable, accessible, and globally deployable treatments.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the potential, safety, clinical benefit, and development plans for agenT-797 and other iNKT-based therapies. These statements involve risks and uncertainties, including those described under “Risk Factors” in MiNK’s most recent SEC filings. MiNK undertakes no obligation to update these statements except as required by law.

Contacts

Investor Contact: 917-362-1370 | investor@minktherapeutics.com

Media Contact: 781-674-4428 | communications@minktherapeutics.com

Source: MiNK Therapeutics

FAQ

What were MiNK Therapeutics (INKT) net losses for Q4 and full-year 2025?

MiNK Therapeutics reported a Q4 2025 net loss of $2.6 million, or $0.56 per share. Full-year 2025 net loss was $12.5 million, or $2.93 per share, compared with $10.8 million, or $2.86 per share, in 2024.

How much cash does MiNK Therapeutics (INKT) have and what is its runway?

MiNK ended 2025 with $13.4 million in cash and subsequently raised $3.0 million through an at-the-market sales agreement. Management states this combined cash position provides an operational runway through 2026 while clinical programs and partnerships advance.

What are the key 2026 clinical milestones for MiNK Therapeutics (INKT)?

Key 2026 milestones include Phase 2 trial initiation of agenT-797 in ARDS/hypoxemic pneumonia in 1H 2026, Phase 2 ARDS clinical readouts planned for 2H 2026, and preliminary clinical data from the externally funded GVHD program expected in 2H 2026.

How large is the ARDS market MiNK Therapeutics (INKT) is targeting?

MiNK cites a market opportunity of about 200,000–300,000 ARDS and hypoxemic pneumonia patients annually in the U.S. and major European markets. Mortality rates of 30–40% and a lack of approved disease-modifying therapies underscore the potential commercial significance.

What non-dilutive funding has MiNK Therapeutics (INKT) secured for its programs?

MiNK highlights an NIH NIAID STTR grant and the Mary Gooze Clinical Trial Award supporting its GVHD program, plus the C-Further Consortium collaboration for PRAME-TCR iNKT, which provides up to $1.1 million in non-dilutive funding and a revenue-sharing structure.

What oncology results did MiNK Therapeutics (INKT) report for agenT-797?

In checkpoint-refractory solid tumors, MiNK reported that median overall survival exceeded 23 months when agenT-797 was combined with commercial PD-1 therapy. The company also noted complete remissions lasting beyond two years and evidence of iNKT-driven tumor microenvironment reprogramming.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 38.1 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 25.2 KB